Bond Market Update

Early Range Maintained

• U.S. Treasuries trade between their starting levels and their intraday highs after seeing some light backtracking in recent trade. Today's session has largely been a sideways affair after the market's initial plunge. Shorter tenors were at the forefront of the early selling and they remain behind while the long bond holds a slimmer loss. Unlike Treasuries, equities have been able to add to their early gains with the S&P 500 now up 3.0% while the Nasdaq (+4.1%) outperforms. The market did not receive any data today, but the CPI report for April (Briefing.com consensus 0.3%; prior -0.1%) will be released tomorrow at 8:30 ET.
• Yield Check:
  • 2-yr: +11 bps to 3.99%
  • 3-yr: +12 bps to 3.98%
  • 5-yr: +11 bps to 4.10%
  • 10-yr: +8 bps to 4.45%
  • 30-yr: +5 bps to 4.88%